Innovation Group to Buy First Notice Systems

The Innovation Group (TIG), an outsourcing and technology solutions provider to the property/casualty industry, has reached an agreement to acquire First Notice Systems from Concentra Operating Corporation for $51.55 million. The acquisition, which is subject to the approval of TIG shareholders, is expected to close in the fourth quarter of 2006, providing a platform for the company to grow its insurance outsourcing business in the U.S.

Headquartered in Boston, Mass., First Notice is a provider of claim-reporting outsourcing services and software to the property/casualty insurance market in the U.S. First Notice's principal focus is on handling the first notice of loss (FNOL). First Notice currently processes approximately two million claims a year and makes 10 million outbound distributions on behalf of its client base, which comprises more than 100 insurance clients, including carriers, third-party administrators, and self-insured businesses.

"The acquisition of First Notice gives The Innovation Group critical mass in the U.S.," said Hassan Sadiq, CEO of The Innovation Group. "This strategic U.S. presence, underpinned by a strong global performance, leaves the enlarged group well placed for future growth."